Profit maximization seeks to find new methods to increase net revenue for a business, often without relying on increased demand or changing sales prices – although these are also viable strategies. As ...

The world of microeconomics and business decision-making hinges upon a key concept: marginal cost. In the simplest terms, marginal cost represents the expense incurred to produce an additional unit of ...

When businesses are planning how much to produce, they must pay close attention to marginal costs and marginal benefits – the incremental changes in costs and benefits that result from an increase in ...

Log-in to bookmark & organize content - it's free! A panel discussion was held on the work of philosopher and economist F.A. Hayek. Here Professor Richard Epstein discusses Hayek's view of government ...